Adam is the most awesome realtor I've come across in 10 years working in real estate. The guy is beyond amazing. He project managed my entire property renovation while I was overseas at ABSOLUTELY NO COST.
I offered to pay him on a number of occasions and he declined. He oversaw every detail of the job to make sure it was done well. The initial idea was to sell however when we listed it the offers weren't very good.
Then Adam turned around and said we needed to find tenants so I could generate some rental income. He found some good tenants to move in straight away but there was no HVAC.
Adam actually provided his own window air conditioner whilst I was organizing installation of the central system.
Adam is one of the most hard working, ethical, trustworthy people I've ever met in my life. HIGHLY RECOMMEND
Realtor · Charlotte, NC · Member since 2011 · 26 posts · 5 votes
12y
I use John Liberatos at RentCharleston.com for a home downtown. The downtown area is their specialty, but I think they manage most areas. I've never had any issues with them in 3 years. Could you PM me te ones that you've had bad experiences with? I'll ask around for some other options, too.
Charleston, SC · Member since 2013 · 380 posts · 157 votes
12y
I too would like to hear who you've had bad experiences with. I am a Realtor with The Boulevard Company and John Liberatos is my broker. I don't work on the property management side of things.
I own a few rentals but I manage them myself as I also have a contractor's license and I keep them fairly low maintenance.
Investor · Fairfax, VA · Member since 2009 · 35 posts · 7 votes
12y
Gents,
Thanks for the quick responses. As for the specific companies, I'll PM you as I don't want to slam them here.
However, on a general basis here's the issues I'm finding with PM companies in the area. Companies only want to manage the nice properties (middle to upper class) neighborhoods. Fortunately, most of these folks pay their rents on time, even with direct deposits, and rarely have any issues. Hell, I can manage a property like this myself. No need to pay a PM company 10 percent.
My properties are in lower middle income areas. Tenants are late and have to "managed". I understand this and pay a premium for these hassles (12-15 percent).
Unfortunately, the PM companies give up and quit or the ones who stick around don't respond to my emails and calls. I'm a long distance landlord and pretty much of a hands off kinda guy. My belief is hire the right people, pay them well, and let them do the job you hired them to do. With this said, I expect emails and calls to be answered within a 24 hour period. I'm up to 5-6 days with no response. Feels disrespectful.
Charleston (specifically North Charleston) has some great cash flowing properties. The only thing holding be back from snatching up more is the lack of a reliable PM company who can manage these types of tenants.
Makes me think, who is managing these lower middle income properties of the current owners. I assume they are self managed.
I'm even starting to consider opening mine own PM company to specifically target these type properties and long distance landlords.
In conclusion, Charleston has tons of PM companies for middle and upper class properties but none for lower middle income properties.
Investor · Hendersonville, NC · Member since 2013 · 754 posts · 281 votes
12y
Alton, I know EXACTLY what you're talking about. I have a duplex in North Charleston that will do 10% annually if I don't see $hit occur like I saw about a year ago. I admit, due to the war zone it is in, I had a "conspiracy of silence" with the property manager - called The Space Company - where I didn't want to visit and they didn't either. We both just made our money during the good times. When things went south they went south big-time. I walked in one day and could not believe the state of affairs. The most obvious was removed smoke detectors; the other glaring issues were the p-trap was missing from kitchen sink, crayon all over the walls, plenty of dirt on the floor, hole in the drywall from the tenant being pushed into it by her felony-background boyfriend who was living there - I could go on. The BIC was totally unwilling to take any responsibility. I got the feeling as you described that they didn't really want to be managing it. And true, there are plenty of managers around here who will manage a nice and easy property for you, and I feel the same way about it you do. I also find their contracts to be fairly one-sided. Sigh I took the property on myself, and had to do $3,500 in repairs, I kid you not. Also had to pursue an eviction for ruining the place. Fast-forward six months and I finally found a new tenant, on Section 8. Now I have both sides under control and Section 8 is paying about 85% of the rents. The other tenant thinks I'm a god because I actually pay attention to her needs. As you can imagine, that neighborhood gets quite a few deadbeat landlords because there is a certain sense of depression laying on it like fog, and criminality and as you say, the cash flow is good. In fact, I think the value of my place has dropped from $130k to $75k since 2009. Mortifying. So I am just trying to keep it going well so as to keep the cow giving me milk. Yah this one has put my wife and me through the ringer. Though I have been disappointed with Section 8 having a freeze in new vouchers (meaning, there are only say, 2500 vouchers to go around and there are 2500 units, but there are 2000 people on a wait-list. That would be like catching fish in a barrel if they opened up the rolls, and in 2010 it was open. It took me 2 months to find a tenant - and I used a leasing agent! The other issue is that the water is shared, and it would be a b^tch to split them up - and would probably pile too much debt onto these tenants ($100 in extra bills a month to my tenants is like $1,000 to you and me). Well anyway, if you have any other questions or comments, feel free to PM me, I am willing to help you out if you need a little something. I also am studying at this very moment for my RE license so I can save commissions and get mls access, so if you have a decent number of units I might be willing to hook you up with management. If things go well, I am going to get into a couple new buy and holds this year, and in a way, managing 10 units is more attractive than managing my current 2. Feels like a job then. And with ten, I would be saving or making $750 a month or so, which adds up. Well, either way, glad to connect with you because I have felt the exact same way about Charleston property managers and you described it perfectly.
Investor · Charleston, SC · Member since 2014 · 92 posts · 43 votes
12y
Hello,
I am in the Charleston area also if you need any help down here. I have a very diverse construction background and have been flipping houses in Cleveland, OH since 2002. My wife and i moved down to Charleston about 15 months ago and bought our first single family in West Ashley. Just getting finished up rehabbing this property. Starting to look for more cash flow properties in the area as we are planing on buying numerous SF and MF homes in the area. I am currently having problems finding cash flow properties in the area, if anyone can help me find a good whole seller or agent that knows allot about REO properties. Any good investor meetings down here? how many active members are on here from Charleston.
Flipper/Rehabber · Mount Pleasant, SC · Member since 2013 · 547 posts · 235 votes
12y
Tony Conway. My wife and I are fix & flip investors in the Charleston area and have 1 house on the market, 1 in renovation, 1 under contract, and several more in the pipeline. We are not in the buy-and-hold business at this time, so I would be happy to talk to you about wholesaling some great rental properties we find when homeowners and investors respond to our marketing. I am also active in the Charleston area REIA (Real Estate Investors Association). Good group. I particularly like the "Dealmakers' Breakfast" meetings on Mondays. Contact me if you want more info.
Home Stager · Sussex, WI · Member since 2012 · 170 posts · 64 votes
12y
@Anthony Conway welcome to BP and congrats on your move to Charleston! My husband and I love Charleston and plan to relocate and semi-retire there. I have also recently joined the Charleston area REIA referenced by @Russ Scheider via Meetup in order to network with other local investors and get a head start on our future plans to buy property. Since we're in Texas, I can only participate in the weekly Sunday online calls, or use the Meetup discussion board to communicate with other members. But it is one of the largest groups in the area from what I've found. Next time we're in town, I hope to actually attend a meeting in person!
Realtor · Mount Pleasant, SC · Member since 2013 · 35 posts · 3 votes
12y
Hello all,
@Russ Scheider where do ya'll meet for the Dealmakers Breakfast. I live in Mt. Pleasant and would like to get more involved in investing in real estate. I've had my real estate license for 7 years, but did mostly property management for the first 5 and half years. I'm really looking forward to doing more real estate transactions and starting to invest in real estate.
@Anthony Conway There are some properties in the "neck" area (North Charleston up Meeting street) that are pretty cheap and get some decent rents. The only issue is that the area is pretty rough and your tenants will be a little tough to deal with. I have looked a few properties and have some idea of what is available. I am not yet an expert on the area, but I am actively looking in that area for myself. I also have a friend that is looking to sell off his portfolio.
Rental Property Investor · Murfreesboro, NC · Member since 2014 · 18 posts · 4 votes
12y
Hey Alton I was wondering what those companies that you were having problems with are. I am soon going to be moving out of town and am looking to rent out my house when I do. Thanks.
Hey Alton, I've used a property manager that was pretty decent for a few years now. Send me a PM and I'll shoot you the contact info. Also interested in who you've used and what kinds of issues you've had.
Adam is the most awesome realtor I've come across in 10 years working in real estate. The guy is beyond amazing. He project managed my entire property renovation while I was overseas at ABSOLUTELY NO COST.
I offered to pay him on a number of occasions and he declined. He oversaw every detail of the job to make sure it was done well. The initial idea was to sell however when we listed it the offers weren't very good.
Then Adam turned around and said we needed to find tenants so I could generate some rental income. He found some good tenants to move in straight away but there was no HVAC.
Adam actually provided his own window air conditioner whilst I was organizing installation of the central system.
Adam is one of the most hard working, ethical, trustworthy people I've ever met in my life. HIGHLY RECOMMEND
Charleston, SC · Member since 2014 · 8 posts · 3 votes
12y
Hey @Alton D.,
I'm interested in seeing that list of property managers, do you still have it available? I've been using a property manager on James Island the past couple of years and the communication has been a bit spotty lately, interested in seeing what issues you've had. Thanks.
Summerville, SC · Member since 2014 · 10 posts · 3 votes
11y
A good friend of mine Nate Dunworth owns a property management company in Charleston and has gotten great reviews from some of the local investors I've spoken with.
Investor · Mount Pleasant, SC · Member since 2016 · 12 posts · 7 votes
10y
I've been using CarolinaOne for the past 4 years, and they've been pretty decent. No problems at all.
@Russ Scheider, it's been a couple years since this thread has been active. Do you still have meetups for the REIA? I'd love to join you all once I'm in town (Probably July).
Flipper/Rehabber · Mount Pleasant, SC · Member since 2013 · 547 posts · 235 votes
10y
I will organize a happy hour in July. Nothing to do with any formal organization. Just an informal gathering. Please give me email and phone number and I will make sure you are invited.
I will organize a happy hour in July. Nothing to do with any formal organization. Just an informal gathering. Please give me email and phone number and I will make sure you are invited.
Russ How are you sir ?
add me to the list and you should have my number.
Funny thing had a skype call this morning at 230 am with New Zealand and Charleston came up again. Potentially looking at a town home project their. As much as I like to stay 60 miles of Charlotte. We are jumping into multiple NC markets.( taxes better on investments) but Charleston keeps coming back up.